P. M. BRIEFING : Time Anti-Paramount Slate Wins
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<i> From Times wire service</i> s
NEW YORK — Time Inc. shareholders today reelected a slate of four incumbent directors including Chairman Richard Munro, who reiterated management’s opposition to a $12.2-billion hostile buyout offer from Paramount. “The company is not for sale,” Munro said in response to questions by shareholders at Time’s annual meeting.
Munro and other Time officials fielded a number of questions from people attending the giant media company’s first stockholder meeting since Paramount Communications Inc. announced its hostile $200-a-share cash buyout offer.
Many shareholders openly have questioned the company’s rejection of the Paramount offer and its decision to alternatively pursue a $14-billion buyout of Warner Communications Inc.
